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    Immaterial Error Corrections and Financial Reporting Reliability

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    Name:
    Immaterial Errors CAR 2021.pdf
    Size:
    2.704Mb
    Format:
    PDF
    Description:
    Final Accepted Manuscript
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    Author
    Choudhary, P
    Merkley, K
    Schipper, K
    Affiliation
    University of Arizona
    Issue Date
    2021-09-28
    Keywords
    error correction
    financial reporting quality
    materiality
    misstatement correction
    out-of-period adjustment
    revision
    
    Metadata
    Show full item record
    Publisher
    Wiley
    Citation
    Choudhary, P., Merkley, K., & Schipper, K. (2021). Immaterial Error Corrections and Financial Reporting Reliability. Contemporary Accounting Research.
    Journal
    Contemporary Accounting Research
    Rights
    © 2021 Canadian Academic Accounting Association.
    Collection Information
    This item from the UA Faculty Publications collection is made available by the University of Arizona with support from the University of Arizona Libraries. If you have questions, please contact us at repository@u.library.arizona.edu.
    Abstract
    We provide large-sample archival evidence on the nature and consequences of errors deemed immaterial to the previously issued financial statements containing the errors (immaterial errors). The incidence of immaterial error corrections has been increasing since about 2004, and these corrections are associated with modestly and discernibly negative share returns that are more negative for income-decreasing corrections and corrections that involve multiple issues. We find that immaterial errors are a leading indicator of poor reporting reliability as measured by future material and immaterial reporting errors, material weaknesses in internal controls, and SEC comment letters. Our findings suggest that immaterial errors provide researchers and investors with a more frequent and less severe indicator of potential audit or financial reporting issues as compared to more extreme reporting problems such as material errors corrected by restatements.
    Note
    12 month embargo; first published: 07 July 2021
    ISSN
    0823-9150
    EISSN
    1911-3846
    DOI
    10.1111/1911-3846.12713
    Version
    Final accepted manuscript
    ae974a485f413a2113503eed53cd6c53
    10.1111/1911-3846.12713
    Scopus Count
    Collections
    UA Faculty Publications

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